For the purposes of this chapter, the value of property is ascertained as follows:
(a) Except as otherwise specified in this section, "value" means the market value of the property at the time and place of the crime, or if it cannot be satisfactorily ascertained the cost of replacement of the property within a reasonable time after the crime.
(b) Whether or not they have been issued or delivered, certain written instruments, not including those having a readily ascertainable market value (e.g., some public and corporate bonds and securities) are evaluated as follows:
(1) the value of an instrument constituting evidence of debt (e.g., a check. draft, or promissory note) is considered the amount due or collectible on it, the figure ordinarily being the face amount of the indebtedness less any portion of it which has been satisfied;
(2) the value of any other instrument which creates, releases, discharges or otherwise affects any valuable legal right, privilege, or obligation is considered the greatest amount of economic loss which the owner of the instrument might reasonably suffer by virtue of the loss of the instrument.
(c) When the value of property cannot be satisfactorily ascertained under the standards set forth under subsections (a) and (b), its value is considered to be an amount less than $100.History: 1979, PL 16-43 § 2.
Research Guide: MCC 5 70.020.